Building A Thriving Business (What's at the VERY CORE) Pt 7

As a business leader, you can't be the only innovator in the business, else the business will not survive. To have a shot at surviving and even thriving, there has to be multiple innovators at different levels of the business. One of the proven catalysts for innovation in a business is a culture of ownership. Your employees need to start addressing the business and its clients in 1st person, and it starts from the top. As a business leader, you need to stop saying, my business, my people, my clients, but rather say, our business, our people, our clients. This shift in mindset, will make your employees more responsible for the growth of the business and accountable to themselves and one another, on how they use their time and the business's resources.

How To Build A Culture Of Ownership

A culture of ownership is built by sharing both the losses and successes in the business. It's natural for employees to feel the brunt of management when the business experiences losses, but how many businesses also share in the successes? That means improving business processes by bringing in a competent new hire, installing new technology or upgrading the available office appliances/fixtures. More considerations could include, giving bonuses, increasing salaries, rewarding high performing employees with unique career development opportunities, providing training and giving employees stock options in the business. When the employees are fully part of the successes of the business, you wouldn't need to remind them to seek avenues to grow the business; they will be inspired to strategically innovate.

Now It's Easy To Buy In

When this culture is in place, it's easy for your employees to buy into the vision and target of the business, because it has now become their business and their clients. They will play their part committedly in the actualisation of the goal. For goal setting, check out our series, How To Be Resourceful Pt 5.

Learn From Alibaba

This was the situation in Alibaba in the early stage, and it's still prevalent now. They sold their team on stock options, instead of high salaries, because they were building a culture of ownership. Anyone who was opposed to it, was allowed to work for their competitors. That's why they are one of the fastest growing internet companies till date.


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